2 legal questions - Posted by Gordon Gekko

Posted by Bill H on October 07, 2010 at 20:17:03:

If we win a tax deed at a tax lien auction, could/should we get title and other insurance on the property to protect our interests while waiting for the property owner to redeem?

It is IMPOSIBLE to get a TAX DEED at a TAX LIEN sale.

They are TWO seperate distinct processes.

John answered you about TX.

Do not know what GA is doing. Got so tired of the mess over there I gave up.

Never done TN.

MS, have been at it here for a number of years. The redemptions period after the sale is two years. If the property matures to you then you have to pay the back taxes. deed preparation fees, etc., and the state will convey the property to you.

There is NO redem;ption period after that.

If you want clean clear title you have to go through a “Quite Title Action” whoch costs about $2,500 and can take up to 18 months…if you are lucky.

OR…you can use Tax Title Services for about the same fees and it takes less time.

Hope this answers part of your problem.

Good Luck,

Bill H

2 legal questions - Posted by Gordon Gekko

Posted by Gordon Gekko on October 06, 2010 at 09:58:54:

If we win a tax deed at a tax lien auction, could/should we get title and other insurance on the property to protect our interests while waiting for the property owner to redeem?

If said owner fails to redeem and we have to foreclose, what are the steps in foreclosing and taking possession of property.

Apologies for the newbie questions.

Thanks in advance for any help!

2 Qs in response - Posted by John Merchant

Posted by John Merchant on October 06, 2010 at 12:30:00:

What state?

What kind of tax liens?

On your getting T insurance I see no need as nothing can come in front of your rights as owner of that tax lien.

As far as state or local RE Tax liens then it’s definitely state by state specific and not one, overall general answer.

In some states there’s a specific redemption period and procedure and in one I’m thinking of (TX) after the set time period (2 years) if the O tax debtor has failed to redeem, the county tax assessor automatically issues a tax deed to that person who bought the lien at the auction.

Re: 2 Qs in response - Posted by Gordon Gekko

Posted by Gordon Gekko on October 07, 2010 at 10:42:33:

Apologies for the lack of clarity in the original post folks.

States of Ms, Ga, Tn and Tx

Property Tax Liens

As an aspiring REI, the foreclosure process seems daunting to somewith without experience.

Thanks in advance for any help!